Porto Moniz ( Portuguese pronunciation: [ˈpoɾtu muˈniʃ] ) is a municipality in the northwest corner of the island of Madeira . It is located west of Santana and Machico , and northwest of Funchal . The population in 2011 was 2,711, in an area of 82.93 km.
125-414: The municipality features a natural complex of lava pools that are popular with locals and tourists. It is unclear when the area of Porto Moniz was first colonized, although it is likely that it occurred at the beginning of the last quarter of the 15th century. Francisco Moniz O Velho , is referred to as one of these first settlers, who had uncultivated lands in this area and was responsible for establishing
250-588: A GDP per capita at 85.2% of the European Union average, it has the second highest purchasing power in the country only behind the Lisbon Metropolitan Area . Human presence in southern Portugal dates back to the Paleolithic and Neolithic periods. The presence of megalithic stones in the area of Vila do Bispo , Lagos , Alcoutim and elsewhere in the region attests to this presence. At around
375-506: A base year. The result would be that the GDP in 2000 equals $ 300 million × 1 ⁄ 2 = $ 150 million , in 1990 monetary terms. We would see that the country's GDP had realistically increased 50 percent over that period, not 200 percent, as it might appear from the raw GDP data. The GDP adjusted for changes in money value in this way is called the real GDP . The factor used to convert GDP from current to constant values in this way
500-518: A country becomes increasingly in debt, and spends large amounts of income servicing this debt this will be reflected in a decreased GNI but not a decreased GDP. Similarly, if a country sells off its resources to entities outside their country this will also be reflected over time in decreased GNI, but not decreased GDP. This would make the use of GDP more attractive for politicians in countries with increasing national debt and decreasing assets. Gross national income (GNI) equals GDP plus income receipts from
625-515: A country's borders, but by an enterprise owned by somebody outside the country, counts as part of its GDP but not its GNI; on the other hand, production by an enterprise located outside the country, but owned by one of its citizens, counts as part of its GNI but not its GDP. For example, the GNI of the US is the value of output produced by American-owned firms, regardless of where the firms are located. Similarly, if
750-637: A country's citizens at home and abroad rather than its "resident institutional units" (see OECD definition above). The switch from GNP to GDP in the United States occurred in 1991. The role that measurements of GDP played in World War II was crucial to the subsequent political acceptance of GDP values as indicators of national development and progress. A crucial role was played here by the U.S. Department of Commerce under Milton Gilbert where ideas from Kuznets were embedded into institutions . The history of
875-406: A country's production has increased (or decreased, if the growth rate is negative) compared to the previous year, typically expressed as percentage change . The economic growth can be expressed as real GDP growth rate or real GDP per capita growth rate . GDP can be adjusted for population growth, also called Per-capita GDP or GDP per person . This measures the average production of a person in
1000-482: A farm and chapel. The first settlers were mainly engaged in grain cultivation, cattle breeding and timber harvesting. Francisco Moniz was a nobleman from the Algarve , who married Filipa da Câmara (daughter of Garcia Rodrigues da Câmara). He was one of the sons of João Gonçalves Zarco , the discoverer of Porto Santo (1418) with Tristão Vaz Teixeira and later the island of Madeira with Bartolomeu Perestrelo (1419). From
1125-484: A generally high receptivity to globalism , economic globalization and foreign direct investment have brought a relatively high level of prosperity and development to the region, many personalities criticize the environmental impacts, the high cost of living and the eradication of the Algarve's cultural and traditional characteristics that such outside influence has brought. Algarve native Fernando Silva Grade (1955–2019),
1250-698: A higher market value than before) such as innovative fig, orange, almond and carob-based products, cement ( CIMPOR has a major cement plant in Loulé ) and construction are the main industries. Cork , having an historical industrial tradition in Silves and São Brás de Alportel municipalities since the 19th century but in decline by the 1930s, is still used as a material for the production of several items by newer industries that make products ranging from cork stoppers to fashionware . Pelcor, headquartered in São Brás de Alportel,
1375-549: A holiday home in the Algarve. Several international studies have concluded that the Algarve is among the world's best places to retire. Tourist attractions in the region include its beaches, Mediterranean climate , safety , cuisine , and relatively low prices. The Algarve region has garnered international acclaim, winning the World's Leading Beach Destination title twice, in 2020 and 2021, and being named Europe's Leading Beach Destination nine times between 2012 and 2022, as recognized by
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#17328799274161500-448: A large production of the valuable cork and that industry would prosper until the 1930s (by 2010, the cork industry had disappeared in the area but Silves had a museum showing how cork was harvested and processed in the old days when it was a major center of that industry, a museum opened in 1999 that in 2001 won the prestigious award for Best Museum of Industry in Europe). The establishment of
1625-863: A little piece of themselves, to form the Algarve of today. Since the menhirs and megalithic monuments like the Megalithic Monuments of Alcalar and the Menhirs of Lavajo that prove the presence of the first humans of its history, also the Romans left the testimonies of their presence and culture. The Roman Ruins of Milreu in Estói , the Roman ruins of Cerro da Vila in Vilamoura or the Roman ruins of Quinta da Abicada in Mexilhoeira Grande , are good examples of Roman vestiges in
1750-520: A nationally renowned plastic artist and activist with a licentiate degree in biology awarded by the University of Lisbon in 1983, in his 2014 book O Algarve Tal como o Destruímos (loose translation: The Algarve as we destroyed it), vehemently opposed the proliferation of the mass tourism and construction sectors, which, in his opinion, eroded large portions of a world unique coastline, degraded and destroyed Algarve's traditional architecture, along with
1875-589: A native of the Iberian Peninsula, would come to prohibit Paganism in 381. The Roman Temple of Milreu , originally dedicated to Venus , transformed later on into a Paleochristian temple, is an example of the religious changes that took place in this period. Many Roman ruins, both in the form of temples, countryside villas (of which more than 30 were found in the Algarve), public baths, bridges, salting and fish-processing facilities and mosaics are widespread all over
2000-786: A settlement in Lacóbriga (today's Lagos ) in the year 1899 BC. The Algarve region came under Roman control after Fabius Maximus Servilianus defeated the Lusitanians and the Turduli in the context of the Lusitanian War , as was the case of much of the Iberian Peninsula , which was absorbed into the Roman Republic in the second century BC. Cyneticum (in reference to the Cynetes who inhabited
2125-402: A stopping place for hundreds of different species of birds. This system of barrier islands communicates with the sea through six inlets. The length of the south-facing coastline is roughly 155 km (96 mi). Beyond the westernmost point of Cape St. Vincent it stretches a further 50 km (31 mi) to the north. The coastline is notable for picturesque limestone caves and grottoes by
2250-399: A strong development since the beginning of the 1960s, initially due to the need to accommodate its foreign visitors. The region started the construction of an airport in the early 1960s, followed by better infrastructure of other types, mainly roads, sanitation, power grids, telecommunications, hospitals, and housing. Private investors, with the support of the region's municipalities, also began
2375-637: A unique ribat , the Ribat of Arrifana , as well as alcarias , and some churches that were adapted from ancient mosques , in addition to strong influences in popular architecture, also left its mark. Vila Real de Santo António , to the far east of the region, near Spain, is the best Algarve example of the strong legacy that the Marquis of Pombal left in Portuguese urban planning after the great earthquake of 1755 . GDP per capita Gross domestic product ( GDP )
2500-456: Is 0.864 (2019) and Lisbon Metropolitan Area 's is 0.901 (2019) – it is the 4th most developed region of Portugal out of seven regions. However, with a GDP per capita at 85.2% of the European Union average, the Algarve has the second highest purchasing power in the country, standing only behind Lisbon Metropolitan Area. Agricultural products of the region include fig , almond , orange , carob , olive , avocado and cork oak . Horticulture
2625-467: Is US$ 5,040,107.75 (in a million). Predictably, as a developed country, Japan has a higher GNI (by 182,779.46, in millions of USD), which is indicative that the production level in the country is higher than that of national production. On the other hand, the case with Armenia is the opposite, with GDP being lower than GNI by US$ 196.12 (in million). This demonstrates that countries receive investments and foreign aid from abroad. The Total income divided by
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#17328799274162750-525: Is a monetary measure of the market value of all the final goods and services produced and rendered in a specific time period by a country or countries. GDP is often used to measure the economic health of a country or region. Several national and international economic organizations maintain definitions of GDP, such as the OECD and the International Monetary Fund . The ratio of GDP to
2875-537: Is a cultural and historical point of interest all year round, but at particular times, such as Easter , Christmas , or even Spring, together with its gastronomic delicacies, the Algarve region has an old, multifaceted legacy that also shaped its regional cultural identity within Portugal. The Algarve is a place that gathers many settlements, from prehistoric times, to Phoenician, Roman, Visigothic, Arab and Christian Reconquista times, there are several testimonies that left
3000-577: Is also popular for religious tourism, notably pilgrimages to the Sanctuary of Our Lady of Piety (best known as the Sovereign Mother), a Marian shrine dedicated to the patron saint of Loulé , that attract thousands of pilgrims of the Catholic faith to the city, or minor pilgrimages of faithful Catholics to the site of putative apparitions of Our Lady Mother of Goodness which had supposedly occurred in 1999 near
3125-425: Is also sometimes expressed as: The third way to estimate GDP is to calculate the sum of the final uses of goods and services (all uses except intermediate consumption) measured in purchasers' prices. Market goods that are produced are purchased by someone. In the case where a good is produced and unsold, the standard accounting convention is that the producer has bought the good from themselves. Therefore, measuring
3250-838: Is calculated this way it is sometimes called gross domestic income (GDI), or GDP (I). GDI should provide the same amount as the expenditure method described later. By definition, GDI is equal to GDP. In practice, however, measurement errors will make the two figures slightly off when reported by national statistical agencies. This method measures GDP by adding incomes that firms pay households for factors of production they hire – wages for labour, interest for capital, rent for land and profits for entrepreneurship. The US "National Income and Product Accounts" divide incomes into five categories: These five income components sum to net domestic income at factor cost. Two adjustments must be made to get GDP: Total income can be subdivided according to various schemes, leading to various formulae for GDP measured by
3375-471: Is called the GDP deflator . Unlike consumer price index , which measures inflation or deflation in the price of household consumer goods, the GDP deflator measures changes in the prices of all domestically produced goods and services in an economy including investment goods and government services, as well as household consumption goods. Real GDP can be used to calculate the GDP growth rate, which indicates how much
3500-423: Is contributed at each stage of production. This approach mirrors the OECD (Organisation for Economic Co-operation and Development) definition given above. Gross value added = gross value of output – value of intermediate consumption. Value of output = value of the total sales of goods and services plus the value of changes in the inventory. The sum of the gross value added in the various economic activities
3625-473: Is important and the region's landscape is known for the large areas of land covered with greenhouses which are used to that end. Several types of fruit and veggies such as tomatoes , cauliflowers , strawberry and raspberry , are commercially grown and exported. Fishing and aquaculture are important activities in the coastal area of the Algarve, with sardines , squids , soles , cyprinids , gilt-head bream , and various seafood, including oysters and
3750-404: Is known as "GDP at factor cost". GDP at factor cost plus indirect taxes less subsidies on products = "GDP at producer price". For measuring the output of domestic product, economic activities (i.e. industries) are classified into various sectors. After classifying economic activities, the output of each sector is calculated by any of the following two methods: The value of output of all sectors
3875-587: Is that GDP defines its scope according to location, while GNI defines its scope according to ownership. In a global context, world GDP and world GNI are, therefore, equivalent terms. GDP is a product produced within a country's borders; GNI is product produced by enterprises owned by a country's citizens. The two would be the same if all of the productive enterprises in a country were owned by its own citizens and those citizens did not own productive enterprises in any other countries. In practice, however, foreign ownership makes GDP and GNI non-identical. Production within
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4000-457: Is the first luxury brand of fashion and lifestyle accessories in cork skin combining design, innovation and sustainability. Tourism-related activities are extensive and make up the bulk of the Algarve's economy during summer. The Algarve's economy has always been closely linked to the sea. Fishing and fish processing have been an important activity since ancient times. This is atested by archeological evidence of garum production in Algarve during
4125-688: Is the same as the area included in the Faro District and is subdivided into two zones, one to the West ( Barlavento ) and another to the East ( Sotavento ). Tourism and related activities are extensive and make up the bulk of the Algarve's summer economy. Production of food which includes fish and other seafood, as well as different types of fruit and vegetables such as oranges , figs , plums , carob pods, almonds , avocados , tomatoes , cauliflowers , strawberries , and raspberries , are also economically important in
4250-483: Is the southernmost NUTS II region of continental Portugal . It has an area of 4,997 km (1,929 sq mi) with 467,495 permanent inhabitants and incorporates 16 municipalities ( concelhos or municípios in Portuguese). The region has its administrative centre in the city of Faro , where both the region's international airport and public university, the University of Algarve , are located. The region
4375-450: Is then added to get the gross value of output at factor cost. Subtracting each sector's intermediate consumption from gross output value gives the GVA (=GDP) at factor cost. Adding indirect tax minus subsidies to GVA (GDP) at factor cost gives the "GVA (GDP) at producer prices". The second way of estimating GDP is to use "the sum of primary incomes distributed by resident producer units". If GDP
4500-593: Is visible in the new tourist accommodation developments. Hotels play a secondary role, in favor of apartment buildings, extended villas (some with golf course, many with swimming pool) and village complexes. After years of planning and construction work in progress, the Faro International Airport was inaugurated on 11 July 1965, by the President of the Republic Américo Tomás . The access road, between
4625-399: The 1755 earthquake damaged many areas in the Algarve and an accompanying tsunami destroyed or damaged coastal fortresses, while coastal towns and villages were heavily damaged except Faro, which was protected by the sandy banks of Ria Formosa lagoon. In Lagos, the waves reached the top of the city walls. For many Portuguese coastal regions, including the Algarve, the destructive effects of
4750-506: The Benelux and Brazil has also been seen. Camping , motorhoming and caravaning are also options for travelers and tourists in general across the Algarve. Both free and paid motorhome areas, suitable car parks and camping parks can be found around the entire region to this end. However, the Portuguese police forces may regularly patrol the areas where these activities are forbidden and can fine transgressors. Although international tourism and
4875-533: The First Portuguese Republic in 1910 marked the end of the almost nominal Kingdom of Portugal and the Algarve. By the 1950s, as air traveling became more accessible, the Mediterranean Basin increasingly developed into a hot-spot for international tourism . Regions such as the Algarve benefited economically from this trend. In the Algarve, from 1962 to 1966 and beyond, the mutation of tourism
5000-534: The First Portuguese Republic in 1910. In 1807, while Jean-Andoche Junot led the first Napoleonic invasion in the north of Portugal, the Algarve was occupied by Spanish troops under Manuel Godoy . Beginning in 1808, and after subsequent battles in various towns and villages, the region was the first to drive out the Spanish occupiers. During the Portuguese Civil War (1828–1834), several battles took place in
5125-598: The Human Development Index or Better Life Index , as better approaches to measuring the effect of the economy on human development and well being . William Petty came up with a concept of GDP, to calculate the tax burden , and argue landlords were unfairly taxed during warfare between the Dutch and the English between 1652 and 1674. Charles Davenant developed the method further in 1695. The modern concept of GDP
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5250-480: The Monchique Range , to values well above 3100 h on the southern coast. Generally, winter sees only subtle differences in daily maxima along the coast, mostly between 16 and 17 °C (61 and 63 °F), though temperatures as high as 25 °C (77 °F) have been recorded. Conversely, overnight lows are higher in the west, with Sagres and Vila do Bispo averaging 9–10 °C (48–50 °F), whilst to
5375-536: The Portuguese Empire . Also from Lagos, Gil Eanes set sail in 1434 to become the first seafarer to round Cape Bojador in West Africa. The voyages of discovery brought Lagos fame and fortune. Trade flourished and Lagos became the capital of the historical province of Algarve in 1577 and remained so until the fabled 1755 Lisbon earthquake . After the destructive effects of an earlier major earthquake in 1722 ,
5500-474: The Roman era . The oldest fish canning factory of Portugal was that of Conservas Ramirez established by Sebastian Ramirez in Vila Real de Santo António , Eastern Algarve in 1853, but the long-established fish canning industry entered in decline in the region due to a scarcity of tuna and sardines in Algarve's waters because they were the main raw materials used by the industry. Similarly to what happened to
5625-402: The grooved carpet shell , being the major products. The Algarve's wines are also renowned. Four wines in the region have Protected Designation of Origin ( Denominação de Origem Controlada – DOC): Lagoa DOC , Lagos DOC , Portimão DOC , and Tavira DOC . Food processing , including value added products (traditional, local raw agricultural products that have been modified or enhanced to have
5750-403: The national road EN125 and the newly built airport, was also opened to the public at the same time. However, tourism services were unprepared for this rapid change. The formation of an accommodation supply outside the framework of tourism legislation and the incapacity of public regulation of the tourism supply begins and would be a reality until the 1990s. This somewhat chaotic tourism boom made
5875-610: The 18th century, vines were cultivated in the area around Porto Moniz, and from the 19th century, potatoes were grown. The municipality was created on 31 October 1835, but was quickly abolished and reestablished successively in 1849-1855, 1867-1871 and again in 1895-1898. Administratively, the four parishes of Porto Moniz include: [REDACTED] Media related to Porto Moniz at Wikimedia Commons Algarve The Algarve ( UK : / æ l ˈ ɡ ɑːr v , ˈ æ l ɡ -/ , US : / ɑː l ˈ ɡ ɑːr v ə , æ l ˈ -/ ; Portuguese: [alˈɣaɾvɨ] )
6000-534: The 1960s, the Algarve became a popular destination for tourists, mainly from the United Kingdom which still is the origin of the largest group of foreigners in the Algarve. It has since become a common destination for people from Spain , France , Germany , the Netherlands , Ireland , Belgium , Switzerland , Italy ,and the US not only as tourists who visit the Algarve but also as residing expats who settle in
6125-545: The 20th century, São Brás de Alportel , in Sotavento Algarvio , was the center of cork production in the Algarve, with 80 factories in operation, but gradually the industry moved to the center and northern regions of Portugal, and only a few cork factories remained in São Brás de Alportel municipality. Starting in the late 19th century, Silves Municipality , in Barlavento Algarvio , used to be another area with
6250-453: The Algarve (and Alentejo ), left their mark and added to a unique blend of architectonic, gastronomical and artistic features like the traditional Algarve corridinho , a folk dance found in this southernmost region of Portugal. In the 15th century, Prince Henry the Navigator based himself near Lagos and conducted various maritime expeditions which established the colonies that comprised
6375-458: The Algarve coast. Over the years, tourists with less acquisitive power started to visit the Algarve in large numbers and steering away from expensive resorts, opting instead for more affordable touristic establishments such as vacation rentals , guesthouses , and hostels . Besides affordability, a higher flexibility in rules and conditions, good overall location, as well as a greater hospitality and interaction with guests, are often cited as some of
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#17328799274166500-446: The Algarve is becoming increasingly sought after, mostly by central and northern Europeans, as a permanent place to settle. Several studies and reports have concluded that the Algarve is among the world's best places to retire. The Algarve is the fourth most developed Portuguese region –in 2019, it was placed fourth out of seven regions with a human development index (HDI) of 0.847 ( Portugal 's HDI average was 0.864 in 2019). With
6625-529: The Algarve is the second largest expat community in the region after the British, followed by important numbers of Ukrainian, Romanian, Moldovan, Indian, Nepalese, Sinhalese, Bangladeshi and Pakistani people who arrived there to work in retail , hospitality industry , construction , agriculture and manufacturing . In the late 2010s, the Algarve saw a high increase in Canadian, American and Australian tourists too. In
6750-541: The Algarve since the 1960s is a source of criticism in Portugal to the point that the Algarve region has been compared to a colony of the English. Portuguese tourists perceive their status as tourists in the Portuguese region of Algarve as being constantly challenged by the extreme Anglophilia of the Algarvian people and its tourist offer. The region of the Algarve has a rich ethnographic heritage, with centuries-old customs, traditions and historical heritage. The Algarve
6875-530: The Algarve, being some of them equipped with a dedicated interpretive center to tell their story. The Islamic occupation period from which a great heritage remains, present in various aspects of the Algarve culture beginning with the name of the region since the word "Algarve" goes back to the Arabic word "al-Gharb" meaning West (from Arabic : الغرب , romanized : al-gharb , lit. 'the west'), including castles and fortresses, vestiges of
7000-547: The Algarve, the expatriate population from high income economies include a large number of pensioners , namely from countries like the UK, Ireland, Germany, France, Netherlands, Sweden and the US. Portuguese people from other parts of the country also visit the region in large numbers, especially in the peak of the summer (July and August) and a sizable number of Portuguese citizens residing in other Portuguese regions, including retired people, own
7125-400: The Algarve. The Algarve gets between 450 and 1,200 mm (18 and 47 in) of precipitation per year on average. December is the wettest month and July is the driest. The overall precipitation is determined mostly by the precipitation received in the winter (summers are very dry in most of the region). It has its highest values in the mountainous interior, and its lowest on the far east (in
7250-472: The Algarve. In 2004, the Greater Metropolitan Area of the Algarve was formed, which was converted into an intermunicipal community in 2008. The Algarve is also a NUTS II and NUTS III statistical region. The intermunicipal community of the Algarve is subdivided into 16 municipalities: Between 2001 and 2020, the Algarve was the only Portuguese region where an increase in the number of newborns
7375-481: The Algarve. The Golden Triangle , a first among such affluent areas, is located outside of Faro, capital of the Algarve, being known for its luxury resorts and Michelin star restaurants. According to World Travel Awards, the Algarve was Europe's leading golf destination in 2013 and 2014. Over 25 top-class courses are located in Algarve, most of which were designed by legendary names such as Nick Faldo, Seve Ballesteros, Jack Nicklaus, and Christy O'Connor, Jr. In 2018,
7500-568: The Algarve. The most outstanding fact of his reign was indeed the definitive conquest of the Algarve . Silves was taken from its last Muslim ruler Ibn Afan by Paio Peres Correia , Grand-Master of the Order of Santiago in 1242 and Tavira was also taken in the same year after Alentejo and most of the coast of the Algarve (then part of a historical region called Gharb al-Andalus by the Muslims of Iberian Peninsula) had already fallen in 1238. In March 1249,
7625-542: The Guadiana Valley) and the southwest ( Sagres Point and Cape St. Vincent ). Sea-surface temperatures in the Algarve are generally cool, though milder than the remaining west-facing coasts of Portugal. Around the Sagres Point , the upwelling phenomena further decreases surface ocean temperatures. In the winter, both western and southern coasts average sea-surface temperatures of around 15–16 °C (59–61 °F). In
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#17328799274167750-503: The Moors, the coveted lands of the Algarve, in this corner of Europe, became for a while the end goal of the Muslim Empire 's expansionist policy. With the advent of Moorish rule in the eighth century, Faro, called Ossonoba by then, retained its status as the most important town in the southwest corner of the Iberian Peninsula . In the 9th century, after a revolt led by Yahia Ben Bakr who
7875-693: The Portugal-Castile border. After 1471, with the conquest of several territories in the Maghreb – the area considered an extension of the Algarve – Afonso V of Portugal began fashioning himself "King of Portugal and the Algarves", referring to the European and African possessions (Algarves is the plural word of Algarve and means the Algarve plus all the overseas territories that Portugal would conquer abroad further south). The over five centuries-long Moorish rule over
8000-623: The Roman Empire. As Christianity rose in popularity, becoming the official religion of the Roman Empire under Constantine the Great , Cyneticum, following the same tendency of the rest of the Roman provinces, made the transition from a polytheistic society into a monotheistic one. The region made a gradual changeover into Christianity, as Pagan and Animistic religions became obsolete under this new cultural influence. Roman Emperor Theodosius I , himself
8125-493: The World Travel Awards™. Well-known beaches in the Algarve include Praia da Luz , Praia da Rocha , Marinha Beach , Armação de Pêra , Praia dos Pescadores , Quarteira , Vale do Lobo , Fuzeta , Barril Beach , Manta Rota and Monte Gordo . A well-known spa town is Caldas de Monchique . In addition to its natural features and beaches, the Algarve has invested in the creation of a network of golf courses. The Algarve
8250-427: The accounting year. ) So for example if a car manufacturer buys auto parts , assembles the car and sells it, only the final car sold is counted towards the GDP. Meanwhile, if a person buys replacement auto parts to install them on their car, those are counted towards the GDP. According to the U.S. Bureau of Economic Analysis, which is responsible for calculating the national accounts in the United States, "In general,
8375-470: The administrative center of the region of the Algarve in Portugal, was constructed during the 1960s and inaugurated in 1965. In 2019, the airport reached a record-breaking 9 million passengers handled a year. With the increase in life quality and purchasing power of the Algarve's population, many shopping malls have been constructed since the 1990s and 2000s. An Ikea , the first in the Algarve, opened in Loulé , at
8500-412: The appealing factors of these accommodations. Throughout the Algarve, local accommodation, as its colloquially known, employs over 20 thousand people in more than 32 thousand legal establishments and generates an estimated 980 million Euros yearly. The vast majority of tourists who seek this type of accommodation are British, Portuguese and French, but an exponential increase in tourists from Germany, Spain,
8625-450: The city of Faro was conquered. From this date, Afonso III became the first Portuguese king to use the title King of Portugal and the Algarve. The friars of Sant'Iago and Calatrava played a decisive role, and were entrusted with the task of concluding the conquest. The conquest of the Algarve led, however, to serious disagreements with the Kingdom of Castile . Peace was initially achieved with
8750-540: The concept of GDP should be distinguished from the history of changes in many ways of estimating it. The value added by firms is relatively easy to calculate from their accounts, but the value added by the public sector , by financial industries, and by intangible asset creation is more complex. These activities are increasingly important in developed economies, and the international conventions governing their estimation and their inclusion or exclusion in GDP regularly change in an attempt to keep up with industrial advances. In
8875-425: The construction of a variety of hotels, resorts, golf courses (which are considered to be some of the best in Europe), and villas. All this led to a large development in the region, especially for the locals, who had previously lived in harsher circumstances. Today, the Algarve is amongst the regions in Portugal with the best quality of life . Due to the austerity measures introduced in 2011 , tolls were placed on
9000-584: The country traditionally spend their summer break or own a holiday home in Algarve. The state-run University of Algarve was founded in January 1979 and for the Fall 2021 semester had about 9,000 students enrolled. Its medical school opened in 2009. In 1991, the construction of the A22 motorway (also known as Via Infante de Sagres , named so after Henry the Navigator ) which crosses the Algarve from west to east began and by 2003 it
9125-401: The country. GDP per capita is often used as an indicator of living standards. The major advantage of GDP per capita as an indicator of the standard of living is that it is measured frequently, widely, and consistently. It is measured frequently in that most countries provide information on GDP every quarter, allowing trends to be seen quickly. It is measured widely in that some measure of GDP
9250-480: The cradle of the sector in Portugal. Vila Real de Santo António and other places in coastal Algarve thrived on the growth of the fishing industry, which included the processing of species of tuna and sardine . Cork as a material used by people is a very old product. Throughout times, Portugal became the world's largest producer of cork, with the Algarve and some areas of the neighboring Portuguese region of Alentejo producing world-renowned high-quality cork (50% of
9375-400: The day), meaning that many Algarvians go unemployed during the low season. Nonetheless, due to the very high monetary income that the high season brings, most people in the Algarve are still able to have comfortable lives even while unemployed. Delivery of superior touristic services and products in a convenient and engaging way, also known as luxury tourism, is also found in several areas across
9500-488: The declining Algarvean cork industry in the 1930s, many companies folded and others moved to Northern Portugal in the process. However, successful fish canning industry persists with a number of factories like those of Conserveira do Sul and others. Coincidentally, with this decline in fish canning in the region, since the 1960s the Algarve has embraced tourism which has become its most important economic activity. Faro International Airport located 4 km from downtown Faro,
9625-596: The east as Sotavento . The name is undoubtedly due to the prevailing wind on the south coast of the Algarve but the historical origin of these divisions is uncertain and quite remote. Barlavento and Sotavento both have eight municipalities and one main city ( Faro in Sotavento and Portimão in Barlavento). The region is also home to the Ria Formosa Lagoon , a nature reserve of over 170 km (66 sq mi) and
9750-404: The east, averages are lower and 7–8 °C (45–46 °F) is more common. Temperatures very rarely fall below freezing (< 0 °C (32 °F)). On the interior, nights are usually cooler, averaging 4–5 °C (39–41 °F). Summer sees its highest average temperatures in the east, where the maxima ranges from 29–30 °C (84–86 °F) in the coast and 32–35 °C (90–95 °F) in
9875-553: The income approach. A common one is: The sum of COE , GOS and GMI is called total factor income; it is the income of all of the factors of production in society. It measures the value of GDP at factor (basic) prices. The difference between basic prices and final prices (those used in the expenditure calculation) is the total taxes and subsidies that the government has levied or paid on that production. So adding taxes less subsidies on production and imports converts GDP(I) at factor cost to GDP(I) at final prices. Total factor income
10000-443: The information required (especially information on expenditure and production by governments). The raw GDP figure as given by the equations above is called the nominal, historical, or current GDP. When one compares GDP figures from one year to another, it is desirable to compensate for changes in the value of money—for the effects of inflation or deflation. To make it more meaningful for year-to-year comparisons, it may be multiplied by
10125-464: The interior. Daily temperatures in the Vicentine Coast are much cooler, usually 24–25 °C (75–77 °F) maxima, consequence of the strong upwelling western Portugal experiences. The Algarvian interior can get very hot in the summer, temperatures above 40 °C (104 °F) are not uncommon. Overnight lows are often independent on the location, around 16–20 °C (61–68 °F) in most of
10250-684: The international market. Total GDP can also be broken down into the contribution of each industry or sector of the economy. GDP is often used as a metric for international comparisons as well as a broad measure of economic progress . It is often considered to be the world's most powerful statistical indicator of national development and progress. However, critics of the growth imperative often argue that GDP measures were never intended to measure progress, and leave out key other externalities , such as resource extraction , environmental impact and unpaid domestic work . Alternative economic indicators such as doughnut economics use other measures, such as
10375-461: The last time such catastrophic events occurred in the Algarve – the 1722 Algarve earthquake and the 1755 Lisbon earthquake . The Algarve as a whole is one of the warmest places of Southern Europe , with an Atlantic influenced Mediterranean climate , it has mild wet winters and warm to very hot, dry summers. It is overall the sunniest region in Europe, with annual sunshine values ranging from 2600 h in
10500-453: The main motorway that crosses the region ( the A22 motorway which is also officially known as "Via do lnfante" ) to offset the expense of its maintenance. The University of Algarve , a state-run university founded in 1979, has been an important source of innovation and entrepreneurship for the whole region and plays a role as a major driving force of economic growth and development in the Algarve. In
10625-548: The marriage of King Afonso III to Beatrice of Castile , illegitimate daughter of King Alfonso X of Castile (after the pope had annulled the marriage to Matilda II because she was sterile), but the problem was only definitively solved by the Treaty of Badajoz , of 16 February 1267. By this treaty it was defined that the Guadiana river , from the confluence of the Caia until the mouth, would be
10750-614: The north with the Alentejo region ( Alentejo Litoral and Baixo Alentejo ), to the south and west with the Atlantic Ocean , and to the east the Guadiana River marks the border with Spain . The highest point is located northwest in the Monchique mountains , with a maximum altitude of 902 m (2,959 ft) on Pico da Fóia . The western part of the Algarve is known as Barlavento and
10875-458: The peaceful and slow-paced way of life that were once ubiquitous throughout the region. He further went on to criticize the inapt attitudes of politicians and city halls which continuously fail to preserve this legacy. Other critics underline the over-dependency of the Algarve on tourism and the "sun and beach" modality of tourism in particular, the one mostly advertised by local and national authorities and, thus, most widespread. They accentuate
11000-460: The population is the Per capita income . The international standard for measuring GDP is contained in the book System of National Accounts (2008), which was prepared by representatives of the International Monetary Fund , European Union , Organisation for Economic Co-operation and Development , United Nations and World Bank . The publication is normally referred to as SNA2008 to distinguish it from
11125-430: The previous edition published in 1993 (SNA93) or 1968 (called SNA68) SNA2008 provides a set of rules and procedures for the measurement of national accounts. The standards are designed to be flexible, to allow for differences in local statistical needs and conditions. Within each country GDP is normally measured by a national government statistical agency, as private sector organizations normally do not have access to
11250-503: The products must be bought by somebody, therefore the value of the total product must be equal to people's total expenditures in buying things. The income approach works on the principle that the incomes of the productive factors ("producers", colloquially) must be equal to the value of their product, and determines GDP by finding the sum of all producers' incomes. Also known as the Value Added Approach, it calculates how much value
11375-445: The ratio between the value of money in the year the GDP was measured and the value of money in a base year. For example, suppose a country's GDP in 1990 was $ 100 million and its GDP in 2000 was $ 300 million . Suppose also that inflation had halved the value of its currency over that period. To meaningfully compare its GDP in 2000 to its GDP in 1990, we could multiply the GDP in 2000 by one-half, to make it relative to 1990 as
11500-520: The region and buy property there. The Algarve's mild climate and hours of sunshine per year have attracted interest from Portuguese and other European people wishing to have a holiday home or residence in the region. Being a region of Portugal, and therefore in the European Union , any EU citizen has the right to freely buy property and reside with little formality in the Algarve. Algarve-based publications and newspapers are written in English specifically for this community. The Brazilian community in
11625-418: The region's capital is the city of Faro , while other cities include Albufeira , Lagoa , Lagos , Loulé , Olhão , Portimão , Quarteira , Silves , Tavira , and Vila Real de Santo António , in addition to various summer retreats such as Vilamoura , Praia da Rocha , Armação de Pêra , Alvor , Monte Gordo , Alcoutim , and Sagres . Before 2004, the Faro District was the administrative unit governing
11750-443: The region's income from tourism was over a billion euros; the number of visitors totaled 4.2 million. Tourism contributed €1.08 billion to the economy in that year. Accommodation in the Algarve ranges from high-rise resorts in places such as Albufeira, Vilamoura, Praia da Rocha and Armação de Pêra to apartment rental, bed and breakfast , hostels and traditional guesthouses located in small towns and villages, both inland and alongside
11875-434: The region), as it was then called, became integrated into Hispania Ulterior and into Lusitania afterwards, being under Roman influence for around 600 years (from 200 BC till 410 AD), having thus adopted Latin as the official language, as well as Roman cultural, political, architectonic, religious, and economic tenets. Seeing that during this time traveling through the land was dangerous, its geography meant that Cyneticum
12000-531: The region, especially the battle of Cape St. Vicente and the battle of Sant’Ana, between liberals and Miguelites (antiliberal absolutists). Remexido was the guerrilla Algarvian leader who stood with the Miguelite absolutists for years, until he was executed in Faro in 1838. As the first canned fish undertaking in the country, the Vila Real de Santo António plant of the company Conservas Ramirez (founded in 1853) became
12125-561: The region, notably in Vila do Bispo , Lagos , Portimão , Quarteira , Faro , Olhão , Tavira and in other areas, illustrating the strong contributions that Roman culture as a whole made to the Algarve. After the fall of the Western Roman Empire, the Visigoths , a Germanic tribe originally from Scandinavia but who had spread into Eastern Europe, occupied the Iberian Peninsula around
12250-521: The region. Although Lisbon surpasses the Algarve in terms of tourism revenue, the Algarve is still, overall, considered to be the biggest and most important Portuguese tourist region, having received an estimated total of 4.2 million tourists in 2017. Its population triples in the peak holiday season due to seasonal residents. Due to the high standards of quality of life, mainly regarding safety and access to public health services, as well as due to cultural factors and considerably good weather conditions,
12375-615: The region. In 552, the Algarve was conquered by the Byzantine Empire and, in 571, Liuvigild managed to secure the region for the Visigothic Kingdom once again, which lasted until the year 711 (which was the starting date of the Umayyad conquest of the Visigothic Kingdom ), and comprised most of the Iberian Peninsula and parts of modern France. When the Moors conquered Lagos in 716, it
12500-573: The rest of the world minus income payments to the rest of the world. In 1991, the United States switched from using GNP to using GDP as its primary measure of production. The relationship between United States GDP and GNP is shown in table 1.7.5 of the National Income and Product Accounts . Another example that amplifies the difference between GDP and GNI is the comparison of developed and developing country indicators. The GDP of Japan for 2020
12625-408: The same result. They are the production (or output or value added) approach, the income approach, and the speculated expenditure approach. It is representative of the total output and income within an economy. The most direct of the three is the production approach, which sums up the outputs of every class of enterprise to arrive at the total. The expenditure approach works on the principle that all of
12750-590: The saturation of beach-side resorts that leave other types of tourist establishments, such as the ones dedicated to nature and health, with little occupancy. These critics also stress that overcrowdedness, filthiness and pollution are the consequences of this lack of diversity in the Algarve's tourism industry. In addition, due to international mass tourism, some areas of the Algarve are drug dealing and prostitution hotspots, including luxury prostitution and male prostitution, performed mostly by foreign sex workers . The England-inspired, England-reliant tourist product of
12875-447: The sea, particularly around Lagos , Portimão , Lagoa and Albufeira , which are accessible by powerboat . Researchers agree that the Lisbon metropolitan area and the Algarve are the two regions in mainland Portugal most at risk of experiencing earthquakes and tsunamis strong enough to cause catastrophic loss of human life and infrastructure. Two earthquakes in the 18th century were
13000-538: The sixth century BC in the region of the Algarve (called Cyneticum). Their ethnic and linguistic origins remain widely disputed, although, due to geographical proximity, it is possible that they were related both to Tartessos and the Celtici , seeing that Conii, the likely designation they used to describe themselves, is derived of the Proto-Celtic kwon ('dog'). These Indo-European tribes , Celtic or pre-Celtic, created
13125-401: The source data for the expenditures components are considered more reliable than those for the income components [see income method, above]." Encyclopedia Britannica records an alternate way of measuring exports minus imports: notating it as the single variable NX. GDP can be contrasted with gross national product (GNP) or, as it is now known, gross national income (GNI). The difference
13250-462: The southernmost region to be conquered by the Portuguese, the coveted territory had become for a while the end goal of the Kingdom of Portugal's expansionist policy known as Reconquista and by itself one of the reasons behind the foundation of Portugal. There were subsequent Moorish attempts to recapture the region, without success. King Afonso III of Portugal started calling himself King of Portugal and
13375-582: The summer, it rises to around 20–21 °C (68–70 °F), with their highest in September; however, southern coastal waters near the Gulf of Cádiz tend to have slightly higher temperatures on average than the western Vicentine Coast. About 450,000 permanent inhabitants (90 residents per km ) live in the area, although this figure increases to over a million people at the height of summer, due to an influx of tourists. The Algarve has several cities, towns, and villages;
13500-403: The time one of the only five in Portugal. In 2017, the Algarve was the Portuguese region that experienced the biggest economic growth, an increase of 4.6% of its GDP. With potential for solar power generation , the Algarve is becoming an international hotspot for large solar farming projects. The largest such project in Portugal and one of the largest unsubsidised solar power plants in Europe at
13625-499: The time, was inaugurated in Alcoutim in 2021. Due to its all-year mild weather, beaches, cities, sites, landscapes and accommodation, as well as its public safety record and cost-effective prices, the region became in the 21st century one of the most attractive areas for filming, chosen by both low budget Indie film productions and large players in the film industry from Portugal and abroad. The Algarve has been experiencing
13750-536: The total expenditure used to buy things is a way of measuring production. This is known as the expenditure method of calculating GDP. GDP (Y) is the sum of consumption (C) , investment (I) , government expenditures (G) and net exports (X − M) . Here is a description of each GDP component: C , I , and G are expenditures on final goods and services; expenditures on intermediate goods and services do not count. (Intermediate goods and services are those used by businesses to produce other goods and services within
13875-439: The total population of the region is the GDP per capita and can approximate a concept of a standard of living . Nominal GDP does not reflect differences in the cost of living and the inflation rates of the countries; therefore, using a basis of GDP per capita at purchasing power parity (PPP) may be more useful when comparing living standards between nations, while nominal GDP is more useful comparing national economies on
14000-560: The tourist industry the biggest contributor to the economy of Algarve and the largest employer in the region. Starting as a fast-paced tourism urbanization hotspot between the 1960s and 1990s, the Algarve had morphed itself into a seasonal metropolis by the 2010s. During the process, the Algarve has remained anyway a fairly exotic region for Portuguese citizens from other regions in mainland Portugal due to its Mediterranean climate , unique foods, architecture and geographical location – in modern times many Portuguese residing in other parts of
14125-457: The town prospered greatly as the capital of the region. In the mid-13th century, during the Reconquista , the Kingdom of Portugal took over the region in a series of successful military campaigns against the Moors. Al-Gharb became the Kingdom of Algarve , and the non-assimilated Muslim Moors who didn't flee the region would be expelled in 1496 not only in the Algarve but in all of Portugal. As
14250-407: The tsunami were more disastrous than those of the earthquake itself. Prior to the independence of Brazil , " United Kingdom of Portugal, Brazil, and the Algarves " (1815–1822) was an official designation for Portugal which also alluded to the Algarve. After the independence of Brazil in 1822, Portuguese monarchs continued to use the title of "King of Portugal and the Algarves" until the proclamation of
14375-431: The village of São Marcos da Serra . Tourism plays an important role in the economy of the Algarve. A large number of seasonal job opportunities are tourism-related and are fulfilled by thousands of locals and immigrants. Due to its seasonal nature, most of the economy relies on the good weather available mostly for only about 5–6 months (characterized by a prolonged lack of rain and temperatures above 25 °C throughout
14500-473: The words of one academic economist, "The actual number for GDP is, therefore, the product of a vast patchwork of statistics and a complicated set of processes carried out on the raw data to fit them to the conceptual framework." China officially adopted GDP in 1993 as its indicator of economic performance. Previously, China had relied on a Marxist-inspired national accounting system. GDP can be determined in three ways, all of which should, theoretically, give
14625-399: The world's cork production comes from Portugal, and cork is one of the country's main exports in modern times, but large-scale use of the material by the Portuguese goes back to the 14th century, when Portuguese explorers used cork in the construction of their ships because one of the properties of cork is that it does not rot). At one time, between the late 19th century and the beginning of
14750-659: The year 1000 BC, the Phoenicians founded the city of Cádiz , and, subsequently, coastal ports along the Algarve coast. Olissipo ( Lisbon ) is believed to be of Phoenician origin. By the time of the Carthaginians , Portus Hannibalis – located in what is today either the city of Portimão or the town of Alvor in the Algarve – is named after Hannibal Barca . The Cynetes , as they were known in Greek , Conii, in Latin , were established by
14875-468: The year 500. With the death of Amalaric in 531, the original dynastic shape of the Visigoths came to an end, and out of the fusion of the Roman and Germanic components a new Iberian identity came into being. The Visigothic Kingdom was thus founded in 542, with Toledo as its capital. Practicing Arianism at first, a large portion of the Visigoths eventually adopted Catholicism to secure their position in
15000-483: Was first developed by Simon Kuznets for a 1934 U.S. Congress report, where he warned against its use as a measure of welfare (see below under limitations and criticisms ). After the Bretton Woods Conference in 1944, GDP became the main tool for measuring a country's economy. At that time gross national product (GNP) was the preferred estimate, which differed from GDP in that it measured production by
15125-530: Was fully completed. It connects Lagos in western Algarve to the Guadiana International Bridge over the Portugal-Spain international river border in eastern Algarve. The Algarve is located in the southernmost area of continental Portugal and the southwesternmost area of the Iberian Peninsula and mainland Europe , covering an area of 4,997 km (1,929 sq mi). It borders to
15250-578: Was of crucial importance as a passageway between the Mediterranean and the Atlantic Ocean, connecting countless Roman ports to several provinces, mainly in other parts of Hispania , Gaul and Britannia . This meant that the region experienced a great level of prosperity accrued through an expansion of its trading and commercial capabilities, mainly from the production and commercialization of olive oil and garum , products very much sought after throughout
15375-476: Was renamed Zawaia. Faro, which the Christian residents had called Santa Maria, was renamed Faaron, from Arabic : هَارُون , romanized : hārūn , named after a local Muslim chieftain. Due to the conquest of the Iberian Peninsula, the region was called Gharb Al-Andalus : Gharb means "the west", while al-Andalus is the Arabic name for the Iberian Peninsula. As the westernmost region to be conquered by
15500-415: Was reported (4,164 babies in 2001; 4,323 babies in 2020; a rise of 3.8%). 25% of those newborns had a foreign mother. Mostly Brazilian mothers, but also a rising number of Indian, Nepalese and Pakistani mothers together with a sizable, already established former trend of Romanian, Ukrainian and Moldovan mothers. The Algarve's human development index (HDI) stands at 0.847 (2019) while Portugal's HDI average
15625-453: Was succeeded in office by his son, Bakr Ben Yahia , it became the capital of a short-lived autonomous princedom and was fortified with a ring of defensive walls. At this time, in the 10th century, the name Santa Maria began to be used instead of Ossonoba. By the 11th century, the town was known as Santa Maria Ibn Harun . During the Moorish era (9-12th century), Silves was a major stronghold, and
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